Reverse mortgages, which have been available to elderly borrowers for over two decades, will become more difficult to obtain in the future. Major reverse mortgage lenders have abandoned the product and the FHA has indicated that they will tighten underwriting guidelines due to the large number of reverse mortgage defaults. Last year, two of the […]
FHA Tightens Guidelines On Broken Reverse Mortgage Program, Major Lenders Exit The Business
January 31, 2012 Filed Under: Benefits of FHA Mortgage, FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA reverse mortgage, Mortgage Default
Why FHA Borrowers With FICO Scores Below 620 Can’t Get Approved
January 12, 2012 Filed Under: Benefits of FHA Mortgage, FHA Eligibility Requirements, FHA loan, FHA Minimum Credit Scores, FHA mortgage, FHA Mortgage Basics
FHA mortgage programs are the most lenient in the industry and borrowers with low credit scores have frequently had no other options except FHA financing. Current FHA guidelines state that borrowers with credit scores above 580 are qualified for FHA financing with only a 3.5% down payment. The reality, however, is quite different as very […]
Streamline FHA Refinance Can Reduce Monthly Mortgage Payments
January 3, 2012 Filed Under: Benefits of FHA Mortgage, FHA Eligibility Requirements, FHA Streamline refi
The FHA has a special refinance program that can reduce a homeowner’s monthly mortgage payment. Under the FHA Streamline Refinance program, a borrower is allowed to refinance to a lower rate with greatly reduced documentation requirements and easier underwriting rules. The FHA Streamline Refinance program has certain eligibility requirements, as follows: The borrower must already […]
FHA Extends Waiver On Property Flipping To Stabilize Housing Market
December 28, 2011 Filed Under: Benefits of FHA Mortgage, FHA Anti-Flipping Reg, FHA Eligibility Requirements, FHA mortgage, FHA property
To protect purchasers from the predatory practice of “property flipping”, the FHA refuses to insure a mortgage on a home that was owned by the seller for less than 90 days. The practice of quickly reselling (flipping) properties often resulted in unsuspecting buyers paying inflated prices, according to the FHA. In an effort to stabilize […]
FHA Offers Special Discount Sales To Homebuyers Of Foreclosed HUD Properties
December 28, 2011 Filed Under: Benefits of FHA Mortgage, FHA 203(k) Loan, FHA mortgage, HUD foreclosed homes
Few first time homebuyers are aware of the fact that the U.S. Department of Housing and Urban Development (HUD) has an extensive list of homes for sale. There are many advantages to purchasing a home from HUD including special financing programs and special discount sales for qualified buyers. HUD properties for sale are 1 to […]